This paper describes the inherent pros and cons of the two common (i.e. chilled water and ice storage) commercially available thermal energy storage (TES) technologies for off-peak air conditioning applications. Case studies on cool thermal storage have demonstrated not only savings in energy and other operation and maintenance costs but also significant savings in initial capital costs. This paper also examines the use of cool thermal storage equipment for gas turbine inlet air cooling, which can positively enhance its efficiency. it has been observed that the application of TES has been predominantly in North America. However, in the mid-1990 s, applications have begun to appear in Asia, Australia, Europe and South America. Finally, prospects of TES technologies for electric load management in Saudi Arabia are also elucidated.